Work Smart: 6 Ways To Make More Money While Working Less

Most people adhere to the erroneous belief that you must work really hard and put in long hours in order to make a lot of money. However, the reality is that many of the most successful people in the world embrace the “work smarter, not harder” philosophy. Ultimately, the quality of your life is going to be determined by how you use all of your waking moments. Due to this, finding ways to maximize your off time without sacrificing your business goals is one of the major keys to true success.

The most important thing to remember about working smarter instead of harder is that this will provide you with valuable extra time for cultivating personal interests and relationships. In return, you will feel more rested and fulfilled, and this can make it easier to focus when you are working. As a result, your productivity will increase, which will enable you to get more done in a shorter period of time.

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Never forget that the number one issue that keeps people from achieving their goals is a lack of proper time management. This leads to the misconception that there is not enough time to get everything done. In order to put the “work smarter, not harder” philosophy to work in your life, it is wise to begin utilizing the six following tips.

1. Surround Yourself with Talented People

Every entrepreneur that is able to achieve great heights of financial success understands that they cannot possibly do everything alone. Not only will surrounding yourself with talented people help you reach your goals, but it will also give you the opportunity to delegate an increasingly larger list of important tasks. If you are currently juggling too many work tasks to take a break during the day, you need to reassess your staff and make any necessary changes. Always remember that your staff can make or break your business.

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2. Outsource as Many Tasks as Possible

Would you rather spend an entire day putting together your company’s payroll or spend that time relaxing with your family? By outsourcing tasks such as payroll to qualified businesses and individuals, you can save a lot of time and energy. As an added bonus, this can also save you the costly mistakes that often accompany working for an exorbitant amount of time on a weekly basis. As management consultant Tom Peters once said, “Do what you do best and outsource the rest.”

3. Capture Every Worthwhile Opportunity

You will be presented with many business opportunities, but that does not mean you need to take all of them on. Instead, sort through your options to choose those that will increase your profits without forcing you to do a lot more work. For example, companies such as Redirect help businesses monetize their website by redirecting traffic in an appropriate manner. This does not require any regular work or input from the business owner, but it will generate additional income. In other words, this is the perfect example of a worthy opportunity.

4. Block Social Media Websites

Every company needs to have a strong online presence, and social media is a vital piece of this puzzle. Unfortunately, social media can also be a huge drain on employee productivity. With this in mind, anyone who wants to increase their earning power and spend less time in the office should purposefully block any sites that will take their attention away from tasks that are truly important. You can use browser plug-ins such as StayFocusd to ensure that you only visit Facebook during the day when you are actually using the site for work-related purposes.

5. Take Breaks in Nature

This might not seem like a technique that has anything to do with maximizing your work time, but there is scientific evidence that spending time in nature will make you a more efficient worker. Even a 15-minute walk through the woods will provide you with restorative benefits and make you more capable of producing high quality work in a shorter period of time.

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6. Structure Your Meetings

Have you ever worked somewhere that had meetings about meetings? This seemingly farcical example is actually a way of life at some businesses, but you cannot afford to give away your valuable time in this manner. One of the biggest ways to waste money in the business world is by allowing meetings to stretch on for an excessive amount of time. That being said, you’ll need to kill meetings to get more done. Therefore, choose to structure your meetings instead so you can ensure that everything will be kept within a short period of time. Another perk of this approach is that your employees will learn how to be more concise while communicating about all aspects of their job.

By simply making more effective use of your time and cutting out anything unnecessary, you can improve your income to work time ratio. Adding in money making opportunities that do not require a large time commitment will also make it easier to meet your goals. Additionally, you can improve the quality of your personal and work lives by taking regular nature walks.

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

Will you spend more time with your family?

What does retirement mean to you?

Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

Vanguard

TD Ameritrade

Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

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Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

Treasury bonds

Government bonds

Corporate bonds

Foreign bonds

Mortgage-backed bonds

Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?